OdishaLIVE Business Bureau
- Investment worth more than RS 200 crore is proposed
- Four More Investors in pipeline likely to sign MoUs soon
- Subsidies for the Textile Park Investors, 20 per cent upto Rs 20 crore and 10 per cent upto Rs 10 crore
Odisha Conclave 2018 the largest investor’s summit in the state draws investment proposals of more than Rs 200 crore in the textile sectors. The Textile minister Snehangini Chhuria Minister of Handlooms, Textiles & Handicrafts said they have seen the Sahi Exports as the largest investors for the textile sectors, whereas other promoters assured to tie up with the government soon for setting up units in the state.
She also said the Sahi Exports has already invested Rs 50 crore in the state and is willing to invest RS 150 crore in coming years. Major part of the amount will be spent on the expansion of the company, a company official in context to the development said.
“Aditya Birla Fashion and Wild Lotus Fashion has also assured sum of Rs 66 crore and Rs 120 crore respectively to set up the stitching units. The units will be set up with modern equipments so as to generate the employment for the skilled workers in future,” she added.
She said government has various subsidy schemes in which a promoter upto a capital of Rs 20 crore will see a subvention of 20 per cent and that upto Rs 10 crore will be offered 20 per cent subsidy.
More four investors have also shown interest in the textile and apparel sector.
She said the government has worked the Apparel Policy 2016 not only provides incentives to the workers.
The new policy also subsidies 20 per cent on the capital expenditure of Rs 20 crore and 10 per cent on expenditure of Rs 10 crore intended for Textiles Park.
Odisha Conclave 2018 started on 11 November with slogan ‘Join the Juggernaut’ is hopeful to see the potential investors in the current conclave. The Conclave focused on the six key sectors as Food processing, Chemicals & Textiles, Downstream & Ancillary, ESDM IT or ITeS and Tourism will conclude on 15th of November.
